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22 Oct 2009 07:00
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Pinewood Shepperton plc
Interim Management StatementΒ
PinewoodΒ Shepperton plc (theΒ "Company"), the leading European provider of studio and related services to the worldwide film and television industry, today issues its Interim ManagementΒ Statement for the periodΒ 01Β July 2009 toΒ 21 October 2009.
Revenue PerformanceΒ
Trading for the period is in line with the statement made on 25Β August 2009 at the time of the Company's interim resultsΒ announcementΒ and revenuesΒ for the periodΒ fromΒ 01Β July 2009 to 21Β OctoberΒ 2009Β remainΒ below the comparable period forΒ 2008.
FilmΒ
Overall demandΒ for filmΒ remains strong,Β butΒ wider economic pressure has tightened the access to film financing whichΒ meansΒ producers are taking longer to commence productions.Β
TelevisionΒ
Television revenues remain resilient despite reductions inΒ UKΒ broadcaster investment. The CompanyΒ is well placed to offer cost effective production solutions in response to increasing pressure on production budgets.Β
Media ParkΒ
MediaΒ ParkΒ facilities enjoy high occupancy levelsΒ and revenue performance has shown modest growth to date.Β Β
ProjectΒ Pinewood
On 01 June 2009, following extensive public consultation, the Company submitted its planning application to South Bucks District Council ("SBDC") for ProjectΒ Pinewood, a long term scheme of national significance to expand Pinewood Studios and create a living and working community for the creative industries.
At a meeting of SBDC on 21 October 2009, the planning application was refused, as anticipated. The Company remains committed to ProjectΒ PinewoodΒ and will now review with SBDC the grounds for refusal prior to any request for a decision to be taken at national level.Β
A website containing further details and visual images of the scheme is available atΒ www.projectpinewood.com
Financial
The Board has continued its reorganisation programme which will lead to an Exceptional charge of approximately Β£425k in the second half, making a total of approximately Β£500k for the full year. The estimated cost savings are Β£500k per annum from 2010.Β
OutlookΒ
Trading to date is in line with market expectations. The outturn for full year revenues will, as ever, be dependent on the timing of new production starts in the final two months of the year.
The Company is mindful of the challenging economic conditions but considers its strategy to be well founded and views its prospects with continued confidence.
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For further information, please contact: |
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Pinewood Shepperton plc |
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Ivan Dunleavy - Chief Executive |
01753 656 183 |
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Brunswick Group LLP |
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James Olley / Oliver Hughes |
020 7404 5959 |
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www.pinewoodgroup.com |
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